Phoenix / AZ. (nc) NutraCea, a world leader in stabilized rice bran (SRB), nutrient research and technology, announced that it completed the sale of NutraCea´s existing cereal ingredients business and certain related equipment to Kerry Inc., a global food ingredients company for 3,9 million USD. In addition, NutraCea received 272’000 USD for inventory related to its cereal ingredients business. A finder´s fee in the amount of 200’000 USD was paid from the purchase price.
At the closing, Kerry and NutraCea entered into a Toll Processing agreement whereby until the earlier of the date Kerry begins production of cereal products using the assets purchased under the sale and October, 31, 2010, NutraCea will produce cereal products for Kerry at NutraCea´s Dillon, Montana plant. NutraCea has also agreed that it will not process or sell certain cereal products for a period of five years from the date of the closing.
John Short, Chairman and CEO: «We are pleased to have completed the sale of our cereal business to Kerry. It represents a first but significant step in the execution of our strategy aimed at selling non-core assets to pay down debt and refocus on our core businesses of stabilized rice bran, defatted rice bran, rice bran oil and nutraceutical and pharmaceutical derivatives of SRB».
On November 10, 2009 NutraCea filed for court supervised protection to restructure its operation under Chapter 11 of the US Bankruptcy Code.
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